Miami River Apartments Trade for $108M
Mast Capital and AEW Capital Management have sold The Remi on the River, a year-old apartment complex in Miami. It sold for $108.3 million, or about $317,000 a unit.
The 342-unit apartment complex at 999 N.W. 7th St. to Dorado was bought by Valeris Capital. Commercial Edge reports Northwestern Mutual Life Insurance Co. provided a five-year, $72.25 million mortgage to the buyer. The deed included a restriction preventing a condo conversion for the property for 10 years.
Totaling 481,385 square feet in eight stories, Remi on the River was built on the 2.7-acre site along the Miami River in 2024. Amenities include a pool, a clubroom, an aqua lounge, a fitness center, and a resident lounge with coworking spaces.
Remi on the River range from 465 to 1,367 square feet and rent from $2,246 to $4,822.
CBRE, led by Robert Given, Troy Ballard and Michael Mulkern, advised on the sale of the property.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout